Biologics startup Elektrofi is raising an approximately $112 million Series C, CEO and co-founder Chase Coffman confirmed to Endpoints News.
Chase CoffmanThe Boston-based startup works with pharma and biotech partners to create easier-to-use biologics. It has raised about $96 million so far for the new financing round, according to an SEC filing signed Aug. 22. It last disclosed a $40 million Series B in June 2022 from Marshall Wace, BVF Partners, Janus Henderson Investors and Logos Capital.
If the company successfully closes the $112 million round, it would add to a banner year for private biotech megarounds. Nine-figure financings have taken center stage as investors concentrate their bets and expect more out of each portfolio company.
Since its founding in 2016, Elektrofi has revealed partnerships with Takeda, Leo Pharma, argenx, Thermo Fisher Scientific, Eli Lilly and, in January, a deal with Johnson & Johnson.
Elektrofi uses a microparticle technology platform to help drugmakers turn IV-delivered biologics into medicines that can be self-administered at home in an under-the-skin delivery format. It works on monoclonal antibodies, therapeutic proteins and other large-molecule treatments.